CIBC swears it didn’t bluff during Aeroplan talks

The shock value from Canadian Imperial Bank of Commerce’s May quarterly earnings call still lives on.

Despite disclosing in February that its long-standing contract with Aimia Inc., the parent company of the Aeroplan loyalty rewards program, may not be renewed next year, investors and analysts were baffled when CIBC announced during its May call that the bank was ready to spend $50-million to market an enhanced rewards card of its own.